Defence Stocks Plunge 9% with Mazagon Dock, Cochin Shipyard, HAL, and others Leading the Fall

Defence stocks fell sharply on August 20, with Mazagon Dock leading the downturn by 9%, reflecting widespread declines across the sector despite previously strong performances.

Vinayak Hagargi
August 20, 2024
7:26 pm
1 min read

Defence stocks plummeted on August 20, led by a 9% drop in Mazagon Dock amid intense selling pressure. This significant decline underlines the sector’s volatility, despite Mazagon Dock’s strong performance in the June quarter.

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Mazagon Dock’s stock hit an intraday low of Rs 4,278.80 on the BSE, marking a 9.4% decrease from the previous day. This marked a continued decline over three days, totaling a 13.85% fall. The stock has fallen 26% from its July peak during a defence sector rally.

Other defence stocks also suffered, dragging down the sector. Cochin Shipyard dropped 4.01% to Rs 2,069.10 on the NSE, and Paras Defence and Space Technologies fell 2.19% to Rs 1,241. The broader impact was felt across the board as most defence shares ended in the red.

Hindustan Aeronautics Ltd’s shares decreased by 1.18% to Rs 4,735.80, despite a significant gain of 150.26% over the past year. In contrast, Mishra Dhatu Nigam and Bharat Dynamics also experienced declines of 1.77% and 1.62% respectively, reflecting a tough day for defence stocks.

This downturn coincided with the Defence Minister’s announcement of ambitious export targets, setting a goal of Rs 50,000 crore by 2028-2029, following a record Rs 21,083 crore in defence exports for FY 2023–2024.

Vinayak Hagargi

Vinayak is a passionate financial markets enthusiast with 4+ years of experience. He has curated over 100 articles simplifying complex financial concepts. He has a unique ability to break down financial jargon into digestible chunks. Vinayak aims to empower newbies with relatable, easy-to-understand content. His ultimate goal is to provide content that resonates with their needs and aspirations.

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